The government IPO scheme aims to develop and raise the efficiency of state-owned companies and enhance the EGX’s trading liquidity and volume in a bid to draw more local and foreign investments, Khaled Abdel-Rahman revealed in a statement on Wednesday.

The finance ministry selected 23 state-owned companies for the first phase of the government IPO programme, Abdel-Rahman added, noting that nine companies will offer additional stakes, while 14 new companies will implement their IPOs for the first time.